U.S. Cutting Tool Consumption Up 7.0 % YTD

Domestic manufacturers’ cutting-tool purchases totaled $174.92 million during September, according to the latest release of the Cutting Tool Market Report (CTMR), a record of consumption that correlates to changes in manufacturing activity. The latest figure indicates a -10.9% change in consumption from August and a +1.9% increase compared with the September 2016 total. Through September, the year-to-date total for U.S. cutting tool consumption is $1.637 billion, +7.0% compared to the January-September 2016 total.

AMT, together with the U.S. Cutting Tool Institute (USCTI), compiles the CTMR from data supplied by participating member companies, who represent the majority of the U.S. market for cutting tools.

Cutting tools are high-value consumable products used by manufacturers to perform not only cutting but turning, grinding, honing, and various other production processes. As such, consumption of cutting tools presents a quantifiable index to the current state of manufacturing activity, comparable to durable goods shipments.

“Looking ahead, durable goods orders are rising at an 8.3% year-over-year clip in September, and leading manufacturing indicators point to elevated domestic and global confidence,” Daco continued. “Passage of a pro-growth tax cut package could further boost business activity and optimism, but the risk of protectionist measures still looms over the outlook.”